Temporary relaxation voluntary disclosure scheme
The State Secretary of Finance has announced a temporary relaxation of the voluntary disclosure scheme. This means that if information is disclosed before 1 July 2014 there is no penalty imposed. The new rule is effective immediately.
The scheme has temporarily eased due to the bill for the simplification of formal tax traffic. In the proposed bill the period for additional assessments will be extended from 5 years to 12 years. The extended deadline applies to instances of “bad faith”. Failure to declare capital is seen as bad faith and the 12 year deadline then applies.
Koppel can assist you with voluntary disclosure. Please contact us here.